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Tag Archives: financial planning

Retirement Savings Wake Up Call

choosing to save for retirement

I read an interesting article in response to a question about the need for a retirement savings wake up call. I’ve always enjoyed advice columns, even though I realize they should be viewed more as entertainment than fact. Just like with reality shows; boring and normal don’t make for great entertainment. Anyhow, this letter was from a father nearing retirement age who was facing a financial conundrum because he knew he and his wife didn’t have adequate retirement savings, yet he wanted to help his pregnant daughter with her own financial crisis. You can read the entire letter and response. I don’t think the semantics are that important, but what did strike me was the advice columnist’s take on why people can’t save for retirement, a thought many of us have probably had at one time or another. “Man, we spend too much on stuff we don’t need. Oh well, as long as we figure this out by retirement, we’ll be OK. It’s not like it affects us right now. Don’t Think It Can’t Happen to You Bam! That’s exactly why, at one time, we couldn’t stop ourselves from spending too much to make retirement savings a priority. We hadn’t had ...

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Hidden Budget Killers and How to Fix Them

how to control overspending and fees

Most of us are not perfect when it comes to money. It’s inevitable that financial hiccups will happen to even the most meticulous planners, but what about when money is really tight and there doesn’t seem to be room to save any more? It could be that you are spending out of habit and don’t even realize there are opportunities for improvement. Here are some hidden budget killers and how to fix them. Eating Out Eating out should be a special treat and not the normal way you sustain nourishment. I have a friend who is in dire straits about her financial situation and the amount of debt her family is carrying, yet, she buys lunch out almost every work day. What’s wrong with this picture? Don’t fool yourself into thinking it saves money by eating off the value menu or ordering the happy hour special. Bite for bite, eating out is always more expensive that cooking at home. Even if the amount of dollars is the same for a large home cooked meal vs a restaurant dinner, the home cooked meal usually provides several days of leftovers while take out container food will be soggy and smelly by the ...

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Here’s Why You Need a Personal Financial Advisor

I don’t have to explain why you need an accountant for your business. If you are in business for yourself, you already know. Business is tough, and business bookkeeping is tougher. You already know why you need a lawyer to represent you, and a doctor to diagnose and treat you. You need a marketing expert to get your name and product out there. And you need a social media guru because you don’t know the difference between Facebook and Twitter. What people are less certain about is the need for a personal financial advisor. That is something of a mystery to me as financial literacy in the U.S. is dismally poor. According to Money-Rates.com, In a 182-page report released last month, the Securities and Exchange Commission arrives at a stark conclusion: Americans as a group have a weak grasp of financial concepts and lack basic investment knowledge. That is a harsh indictment. We seem to think that handling our own finances is equivalent to mowing our on lawn. Having seen a lot of lawns, we should probably rethink that one as well. If you have enough money to even be having this discussion, here’s why you need a personal financial ...

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Starting a Business? Things to Watch Out For to Keep Your Pennies Going Far

Starting a new business is always a risky venture, or so it can seem in the early days!  Keeping an eye on your incoming and outgoing costs is a sure-fire way to ensure that you are making wise decisions financially and that you won’t run aground after only a few months in operation.  Whilst it might seem quite daunting to begin with, there are a number of ways you can keep a tight rein on things whilst watching your little business grow into your dream company. Financial Planning Planning is key to keeping your company afloat.  Draw up regular reports (You can find templates to help with your financial reports online). Reports can help to show how your money is being spent and the money you are receiving in.  The best way to keep up to date on your financial situation is by reviewing it on a regular basis.  Don’t be afraid to plan for the future either, it’s a great way of focussing the income you do have and will give you a long term goal for how any income can be spent.  Budgets are important in all areas of life, even more so in the business world so ...

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